IRIS FINANCIAL SYSTEMS' PROGRAM TRADING APPLICATION PROCESSES A RECORD NUMBER OF DEALS FOLLOWING S&P 500 INDEX REBALANCE

New York, 1st August 2002 - Iris Financial Systems' program trading application processed a record number of deals in response to the stock market's S&P index rebalance on July 19th, 2002 at a global bank in New York. The rebalance of the S&P 500 resulted in over 2.6 billion shares changing hands on the New York Stock Exchange - the highest volume of trades ever processed.

Iris Financial's Program Trading application addressed the rebalancing process within this global bank's equity program trading operations - processing more than 300 million shares.

Stuart Stakoff, Development Director, Iris Financial Systems, New York, comments: "Iris Financial Systems' support team was on-hand to provide maximum assistance to our client - with a senior specialist on-site all day. The rebalance provided yet another opportunity to prove that Iris Financial's program trading application is robust enough for the most aggressive trading environments executing exceptionally high trading volumes."

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